Home Buyer Blog
October 12, 2012

Buying a Home Via Short Sale – Does It Make Financial Sense?

Buying a home via short sale can be a great way to get a bargain on a property, but it can also be a pain. These 2 simple tips help you decide if it's right for you.

• Short sales can take much longer than traditional home sales. Only pursue a short sale if you have plenty of patience, and you're currently living in a flexible situation like a month to month lease.

• Check the home thoroughly because you'll be buying the home as-is. Typically there's less risk of damage than in a foreclosure, since the current owner continues to live in the home during the short sale, but you will be on the hook for any necessary repairs. 












Use A Home Mortgage Calculator To Understand Your Financial Ability To Repay Your Loan


Tue, 18th June, 2013





When people think about a mortgage, they imagine of a principal amount and interest as the only components of the repayment part. Surely, there is more than that when it comes to repaying a mortgaging loan. This is why a home mortgage calculator is needed to make calculations on how much you should pay each month.



When you sign a mortgage contract, you anticipate that everything will go as planned and you will not experience financial difficulties somewhere in the course of repayment. While you may successfully repay your loan, there are times when you may be faced with difficulties. One area where people fail when obtaining or repaying loans is failure to understand the components of the loan.



In addition, borrowers fail to determine their ability to repay a loan before they borrow. A home mortgage calculator with taxes gives you an insight on how much you should apply for a loan and the best terms to help you meet your financial obligations. The calculating tool entails variables such as taxes and insurance, and this means you factor in all the costs involved in the loan.



Homeowners are subjected to a third type of payment other than the principal and the interest rate but this is mainly overlooked when discussing issues of a loan with the lender. The third payment part entails an amount, which is paid to the escrow account. This is an account that maintains things like property taxes, hazard insurance, mortgaging insurance, condominium and association fees among other expenses.



This component of monthly payment can change from time to time, going either up or down. When you are calculating the amount of your loan, you should be able to factor in some of these costs to get a good estimate for your budget. Failure to budget may mean you may find it difficult to meet your financial obligation.



The calculating tool has been designed to feature all possible costs in repaying a loan. This enables you to make wise decisions when borrowing. Some borrowers use normal calculators but these tools may not give the correct figures if you are not very familiar with how loan calculations are made.





By using a home mortgage calculator, you can make sound financial decisions that protect you throughout the loan repayment term. In addition, you can reduce the interest rates and period of repayment by adopting the best repayment plan. The calculating tool helps you avoid paying more interests in your loan and knowing when to make the necessary adjustments to lower the rates.